Although you might not want to bring NVDA, AMD, TSM, INTC & any of the other big chips along to that party, as they might spoil it. ;-)

Although anytime over the past week, or as soon as /NQ & QQQ broke down below the trendline earlier today would have been better, I do think today’s sell signals on the market were solid & will likely lead to considerably more downside in the coming weeks to months.

As such, yes, I do think that it’s not too late to take a position in any of the $VIX tracking ETFs or futures. Just be aware that $VIX hit & closed just under that 21.92 target/resistance level I’ve been highlighting on the daily chart.

I often say that the only trade to be made when a security rallies into resistance is to either short it (or sell it if long), or wait until it breaks out above the resistance to initiate or add to a long position. Sorry for the long-winded answer, I just don’t like chasing the $VIX after such a big move, although I do believe it is likely the start of a much higher move.

I’ll bring the chips if you buy that dip

Hardly any buyers left to buy the dip. Looks like the reaction off that 1st price target zone was more so in time than price, although there was a modest bounce. Markets likely to dump into the close, especially if this support doesn’t hold. QQQ shorts & /VIX longs looking good into next week, barring some crazy (and unlikely) rally & stick save into the close today.

Sure, but gaming bounces off support, especially using the intraday charts following such a powerful sell signal on the more significant daily charts, is probably best left to active/experienced traders.

SPY & QQQ haven’t yet hit the first decent support levels on the daily charts, so the Q’s might just have a reaction here at this support level, more so in time than in price. Typical swing traders that are already short might opt to ride out any counter-trend bounces (unless the recent highs & the uptrend line are clearly taken out), and those that missed today’s earlier breakdowns that want to get short should realize that we could be looking at a crowded rush for the exits from one of the most crowded theaters in years or even decades.

With that being said, here’s a 5-min chart of QQQ with some overhead resistance levels that one could target for a bounce trade or adding to shorts. If playing the bounce, best to set tight stops that assure a break-even or small profit.